NIGERIA’S EXPORT SECTOR DEFIES ODDS, EARNS $2.7 BILLION

According to the Nigerian Export Promotion Council (NEPC), exporters made $2.7 billion from January to June.

NEPC Managing Director Nonye Ayeni stated this during a one-day sensitization seminar for exporters on export contracts and the use of International Commercial Terms (INCOTERMS) organised by the council in Owerri on Thursday.

Ayeni said the win demonstrated the hard work and dedication of non-oil exporters in the country. He said the workshop was necessary to equip exporters with the necessary knowledge on Incoterms as they are key to successfully completing global trade transactions and improving the competitiveness of products.

“Understanding INCOTERMS plays a vital role in international trade, providing a standardised framework for buyers and sellers to communicate and manage their responsibilities and liabilities.

“By understanding the 11 INCOTERMS rules, businesses can clarify their obligations and risks with a view to minimising misunderstandings and disputes,” she said.

Chairman of the Imo Exporters Summit, Eze George Ekeh, said exports are more important than ever to the country’s economic recovery.

Ekeh advised exporters to package their products properly to attract the right buyers at better prices.

One of the exporters, Managing Director of St. Ann Cashew Nuts Industry, Uche Chikata, thanked NEPC for the workshop, adding that it will enable exporters in the state to boost their revenue targets for the last quarter of 2024.